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ADCB sells 80% stake in property unit for $161m

By Pramod Kumar
Abu Dhabi Commercial Bank will register a gain of AED490 million Wam
Abu Dhabi Commercial Bank will register a gain of AED490 million

Abu Dhabi Commercial Bank (ADCB) has agreed to sell an 80 percent stake in its wholly-owned property management subsidiary, Abu Dhabi Commercial Properties (ADCP), for AED591 million ($160.92 million).

The agreement was signed with Nine Yards Plus Holding, the real estate subsidiary of Abu Dhabi-based EIH Ethmar International Holding (EIH), the bank said in a statement published on the Abu Dhabi bourse.

The bank will register a gain of AED490 million subject to closing conditions before the end of the year.

The move aligns with ADCB’s strategy to focus on “growth and diversity building” on strategic partnerships with UAE companies.

The bank will retain a 20 percent stake in ADCP post-transaction and will continue its partnership via a long-term relationship agreement.

Nine Yards Plus Holding, the real estate arm of EIH, operates in nine sectors, including real estate, energy, technology, alternative investments, hospitality and healthcare.

ADCP was established in 2006 and currently manages 51,000 units across 1,900 properties. The property management company will maintain its separate corporate legal status and brand after the sale.

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